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Australian Regulator Imposes Permanent Ban On Former Advisor

Tom Burroughes

16 February 2016

Australia’s financial regulator has banned a former financial advisor from working in the industry for life following admissions of fraud and forging documents.

The Australian Securities & Investments Commission imposed the permanent ban on Darren Wise, of Rhodes, New South Wales. 

The ban follows an ASIC investigation and criminal action against Wise which resulted in him pleading guilty, in the Maroochydore Magistrates Court, to three charges of dishonestly gaining a benefit, the making of false documents and use of false documents involving over $1 million of his clients' assets, ASIC said in a statement yesterday. 

In determining to ban Wise from financial services, ASIC also took into account misleading and deceptive conduct by the man that involved the sale of a client's securities without their authorisation or knowledge. Wise then continued to mislead and deceive the client about the sale for a number of years by continuing to make falsely represented dividend payments.

Wise has a right to appeal to the Administrative Appeals Tribunal for a review of ASIC's decision.